It's no secret that COVID has drastically impacted the global economy. In some regions, countless businesses have been forced to close their doors due to the sharp decline in revenue.

Interestingly, though, the economy of Utah remains one of the strongest in the nation. This is an especially attractive attribute for those who wish to buy or sell a home.

Not quite sure how to begin? We’ve got all the info you need. Let's explore everything you should keep in mind.

Tourism

For those who are unaware, the tourism industry is one of Utah's most profitable.

The state boasts five national parks, including the renowned Zion National Park. In fact, only Alaska and California have a higher number of national parks, making it one of the most attractive locations for those who are looking for a memorable tourist experience.

Utah also has six national forests along with a large handful of state parks. Put simply, the entire state has no shortage of tourist attractions.

Of course, though, this sector of the state economy has taken a dip in 2020 due to the restrictions imposed by COVID regulations. But, as travel begins to increase and facilities begin to open back up, Utah's tourism industry well on its way toward reaching its former level of performance. 

Agriculture

It may come as a surprise to learn that Utah has a notable agriculture industry due to how dry its land is. But, rural Utah is full of crops like corn and barley, and their production contributes a large amount to the state's overall economy.

Most of the income generated by the agriculture industry, though, comes from livestock, dairy products, and poultry. Utah's moderate climate is also ideal for large-scale fruit production. This includes all major fruits except apricots.

Although the state does not receive an abundance of rain each year, there's no shortage of sunshine, allowing crops to be grown on a massive scale with few complications.

Mining

Historically, mining was a pillar of Utah's economy for a significant period of time. This was a direct result of the 19th-century 'mining boom' that gave rise to numerous settlements across the entire state. Although the resources in these areas eventually became scarce, the societies that were built around them turned to other forms of production.

The mining industry in Utah today is responsible for producing a large amount of copper, silver, gold, and lead. Other products include beryllium and zinc. The eastern part of the state is notable for its coal, petroleum, and natural gas production.

Since the mining industry is so integral to the state economy, it's often relatively easy to find a job in the sector. As such, it's one of Utah's most attractive attributes for those who are looking to move to the state.

Manufacturing

It should come as no surprise that Utah is also home to a sizable manufacturing industry due to its abundant natural resources. Like the mining industry, it's a growing sector that has a large number of available jobs. There are so many jobs, in fact, that manufacturing has become Utah's fifth-largest industry and supports a large percentage of the total number of available jobs in the state.

Manufacturing is also Utah's third-largest source of GDP and has an average annual growth of approximately 2.0%. To put this into perspective, this number is approximately twice that of the national rate. The manufacturing industry also has plenty of synergy with Utah's other major industries, which is a major factor that contributes to its growth.

Information Technology

Utah's economy isn't supported only by jobs that involve the production of goods or natural resources. The information technology sector is one of the fastest-growing in the state. Over the past decade, this industry experienced unprecedented expansion and established itself as a state with one of the highest growth rates in the country.

The sector is projected to grow at an increased pace as time goes on, furthering its contribution to the state's overall economy. As with the mining and manufacturing industries, there are a notable number of jobs available for those who are looking to transition into the industry or professionals seeking upward mobility. 

Low Unemployment Rate

Utah's unemployment rate is one of its economy's most impressive features.

Even after COVID regulations devasted a large number of industries across the globe, the Labor Department reported that Utah's unemployment rate was 4.5% in July 2020. This is the second-lowest in the entire country, which once again establishes Utah's economy as one of the strongest the US has to offer.

Due to the rapid pace its core industries are expanding, Utah's unemployment rate is expected to fall even lower in the future. Many of those who have been adversely impacted by COVID have found reliable employment options in the state.  

For those who already live in Utah (especially those who own property), the vast number of available jobs often leaves little difficulty in finding a buyer for a home. So, sellers often find themselves in an advantageous position when setting their prices.

The Economy of Utah Is Ideal for Getting Involved in Real Estate

But the above information will make the process far smoother. From here, you’ll be able to use the economy of Utah to your advantage and make the decisions that are best for you.

Want to learn more about what we have to offer? Feel free to reach out to us today and see how we can help.

Posted by David Ellis on

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